By Alex Girda, Associate Editor<\/p>\n
For a city in which new development meant nine figures and mega-resorts were a yearly happening, things have changed considerably as a result of the massive hit the Strip has taken from the ongoing recession. Now, developers are more focused on revamping properties than erecting imposing structures designed to alter the skyline.<\/p>\n
Currently awaiting grand openings are two Ferris wheel-centric projects, one across from Mandalay Bay and the other located between the Flamingo and O\u2019Sheas, VegasINC<\/em> magazine reports. The two amusement parks aim at making the strip more family-friendly and it seems other developers have that same idea. Parabounce Vegas is another interesting entertainment concept; the game consists of an aerial bumper car-like activity featuring helium balloons.<\/p>\n Refurbishing is also a big part of Vegas development these days. Wynn Las Vegas completed its operation earlier this year and now the Bellagio has started a similar process on its rooms. Treasure Island is currently developing a massive Starbucks that is to have a Strip-facing business end while the Flamingo is transforming part of its casino floor into Margaritaville. With current plans, it seems obvious that smaller, more immediate profit-oriented ventures are favored these days. And if one would take into account the total lack of major resort development, it seems clear that Sin City is entering a new era.<\/p>\n In other real estate news from the Strip, the Boulevard Mall will enter new ownership now that current owner General Growth Properties Inc. has recently emerged from bankruptcy, VegasINC<\/em> reported. The Chicago-based company has rated the malls currently under its ownership. Boulevard is one of the lower -ated properties and, thus, it will become part of Rouse Properties Inc., a spinoff company that will take over the underperforming properties. Rouse is set to qualify as a real estate investment trust. It will receive 30 malls along with the $1.1 billion in debt associated with the properties.<\/p>\n","protected":false},"excerpt":{"rendered":" By Alex Girda, Associate Editor
\nFor a city in which new development meant nine figures and mega-resorts were a yearly happening, things have changed considerably as a result of the massive hit the Strip has taken from the ongoing recession. Now, […]<\/p>\n","protected":false},"author":237,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1593,21742],"tags":[],"class_list":["post-1004053706","post","type-post","status-publish","format-standard","hentry","category-las-vegas","category-latest"],"acf":[],"yoast_head":"\n